The MoonPay crypto exchange came on the scene in a fast way. Over the past few years, the exchange has grown from an idea to an operation with a valuation of $3.4 billion. In this MoonPay review, we will discuss whether its rise is justified and whether you should consider using it as your primary exchange.

Investing in crypto can be as easy or as difficult as you want it to be. If you stick with major coins like Bitcoin (BTC), Ethereum (ETH) or Solana (SOL), the process can be very simple. Essentially, all you need to do is sign up for an account with one of the major exchanges like Coinbase and get there.

The beauty of Coinbase is that it allows you to easily exchange fiat currency for digital tokens. And its ever-growing list of available tokens has only made it a more attractive choice. But the growing list of tokens available on Coinbase has attracted unwanted attention lately. And this attention has embittered some users.

We are not going to ask whether insider trading has taken place at Coinbase. That’s a pretty serious charge. the SECOND could possibly get involved. And we’ll leave it to them to figure it all out. Nevertheless, in the current circumstances, it seems like the perfect time to look at other exchanges. So without further ado, let’s take a look at our MoonPay review.

MoonPay Review: How to Trade Cryptos

As mentioned above, buying crypto on some exchanges is easy. For others, it can be tedious. After doing a few transactions, for this MoonPay review, we have to say that this part of the process is quite easy. Not easy Coinbase… But easy nonetheless.

When you first head to MoonPay for buy crypto, you will come across an easy-to-use interface. You simply choose the token of your choice and write down how much money you want to spend. And you can use US dollars or a host of other fiat currencies. Here’s what it looks like:

Image of the MoonPay interface.

Now, it should be noted that there is a minimum transaction. When buying Bitcoin, we had to spend at least $30. For Solana, the minimum trade was $39. And for Shiba Inu, the minimum transaction was $62.

For the most part, the minimum order on MoonPay should amount to around €30 – or the equivalent in your local currency. However, this may vary from coin to coin if MoonPay’s liquidity provider recommends it. This is what we encountered during this MoonPay review.

However, this part is quite simple. From there, all you need to do is enter your wallet address in the next window and you are ready to exchange your fiat currency for crypto. If you don’t have a digital wallet, you can check out some of our favorite crypto wallets here.

For this part of the process, we give MoonPay a high rating. This made the process of buying crypto quite easy. However, we would have liked to have the option of simply using a native wallet that could come with our account. This would make the barrier to entry much lower. However, for seasoned crypto traders, this should be no problem.

The inconvenients

As we mentioned earlier in this MoonPay review, there is a minimum of floating transactions. While that makes perfect sense, it’s annoying… Especially when we just wanted to spend a few bucks on a few tokens to test the process. But that’s not really a big deal.

What we weren’t too crazy about was the fee structure…

There is a flat fee of $4.99 on top of any purchase under $141. It is besides at a commission of 3.5% of the transaction. It’s quite steep. So this is probably not an exchange of ideas for active traders. But the buy-and-hold crowd might be able to look past that.

Just for comparison, Coinbase charges a 1.49% fee for those using a Coinbase bank account or wallet. Debit card users see a 3.99% fee that comes with their transaction on Coinbase. And at the other end of the scale, PancakeSwap users pay a trading fee of 0.25%. However, PancakeSwap comes with a much higher learning curve and some glitchy third-party apps that can make it even harder to use. To each his own…

The other downside that we discovered during this MoonPay review is the limited choice of tokens. While we expect this number to increase, when last checked there were only 40 tokens to choose from. But again, the scope of offers should soon increase. So that might be a moot point soon.

At the end of 2021, MoonPay closed its Series A funding after raising $555 million. In the process, he raised nearly $90 million from top investors like Snoop Dogg, Bruce Willis, and Maria Sharapova. But it seems that the famous set got in because of MoonPay’s NFT project.

About those NFTs…

Over the past two years, non-fungible tokens (NFTs) have gone from obscurity to a billion-dollar business. And many believe that NFTs could play an important role in how content creators market their work and interact with fans. That’s why it makes sense that the rich and famous want a piece of the MoonPay pie.

Again, MoonPay only lowers the barrier to NFT entry a bit. For the most part, anyone who wants to get their digital hands on an NFT needs some crypto first. But MoonPay provides an infrastructure that makes it easy to purchase them with a credit or debit card. And lowering the entry barrier will only increase the number of people engaging in crypto and NFTs.

That being said, this process still requires a wallet connected to MoonPay. Then, collectors must buy Ethereum. From there you will need to head to OpenSea and exchange Ethereum for the NFT of your choice. And remember, you will need a little more crypto than the list price to cover gas costs.

MoonPay Review: The Basics

We always love to see new competitors in the crypto space. This can lead to more innovation. And from what we’ve seen digging for this MoonPay review, this outfit does just that. It’s not perfect (from our point of view) yet. But keep in mind that this is a relatively new operation.

We believe MoonPay is already bringing a disruptive force to the crypto markets. And over time, this should increase. However, with wider adoption, we really hope these fees will decrease. And it would be nice to have more tokens available to investors. A smartphone app would also be a nice addition.

But in the end, we think MoonPay offers a great middle ground between centralized exchanges like Coinbase and decentralized exchanges like PancakeSwap. And we can’t wait to see it grow. There are many investment platforms and opportunities to watch…